Bankruptcy Lawyers in Norristown & King of Prussia, PA

When it becomes impossible for you to stay ahead of your bills, declaring bankruptcy may be your only option. When you’re in that situation, the advice of a bankruptcy attorney can help ensure you have a better outcome. Once you have decided to file for bankruptcy and that it is the best solution for your financial situation, you will need to know which type is best, which forms to fill out, and whether or not your business can apply for a discharge. 

Top bankruptcy attorneys like the ones at Nahrgang & Associates can help you through this process and give you all the information you need to make the best decisions for your financial situation. If you live in Norristown, King of Prussia, or Conshohocken, PA and are having financial difficulties, you need to get in touch with the top bankruptcy attorneys at our firm right away.

First, you and your bankruptcy lawyer will need to look carefully at your financial records to determine whether you should file for Chapter 7 liquidation or Chapter 13 “reorganization.” There are an array of pros and cons to each type, as well as eligibility rules, and you will need to go over everything carefully to decide which is best for your financial situation. 

A bankruptcy attorney can explain each option to you and give advice that will help you decide the best way to proceed. Individuals and businesses in Norristown, King of Prussia, and Conshohocken, PA have already trusted Nahrgang & Associates to provide top bankruptcy attorneys and you can trust us too.

Chapter 11 and Chapter 12 bankruptcy are other options that may be available to you. These are similar to Chapter 13 bankruptcy, but are designed for certain debtors only. Chapter 11 is another type of reorganization used by larger corporations and Chapter 12 is mostly aimed at fishermen and farmers. When you’re looking at declaring bankruptcy in King of Prussia or Conshohocken, PA, it’s important that you consider every option.

For example, you could always consider a discharge which releases you from personal liability for certain debts. A discharge is essentially a permanent order prohibiting creditors taking any type of collection action against you, including legal action. Your bankruptcy attorney can assist you with getting a discharge so you will no longer be legally required to pay those debts. 

While you will not be personally liable for discharged debts, a valid lien that has not been avoided in the case will remain once the case closes. In other words, a secured creditor can enforce the lien in order to recover the property that has been secured by the lien. As you can see, declaring any type of bankruptcy is complex. That’s why you will want to hire the best bankruptcy attorneys you can find. If you need bankruptcy lawyers in Berks County, PA, Nahrgang & Associates should be the first firm you call.

Our Bankruptcy Attorneys in King of Prussia, PA Will Help You With Your Forms

Once you have decided to file for bankruptcy and that it is the best solution for your financial situation, you will need to know which type is best, which forms to fill out, and whether or not your business can apply for a discharge. You will need to look carefully at your financial records to determine whether you should file for Chapter 7 liquidation or Chapter 13 “reorganization.” There are an array of pros and cons to each type, as well as eligibility rules, and you will need to go over everything carefully to decide which is best for your financial situation. There is also Chapter 11 and Chapter 12, which are similar to Chapter 13, but designed for certain debtors only. Chapter 11 is another type of reorganization used by larger corporations and Chapter 12 is mostly aimed at fishermen and farmers. You could always consider a discharge which releases you from personal liability for certain debts. So, you will no longer be legally required to pay the debts that are discharged. It is essentially a permanent order prohibiting creditors taking any type of collection action against you, including legal action. While you will not be personally liable for the debts, a valid lien that’s not been avoided in the case will remain once the case closes. In other words, a secured creditor can enforce the lien in order to recover the property that has been secured by the lien.

We Will Help You with Your Bankruptcy Forms

You will need a variety of business records and paperwork for your bankruptcy forms. However, the exact requirements will depend on whether you are filing for Chapter 7 or Chapter 13. The most commonly required paperwork are tax returns; income documentation; real estate information; vehicle registration papers; bank and retirement account statements; child support documentation if applicable and identification. The type you file for will depend on your assets and your income. Your income is critical as it could preclude you from filing a Chapter 7 case, whereas your assets are important since if you have nonexempt property, you risk losing in in Chapter 7, but you will be better able to protect it in Chapter 13. Don’t forget to consider a discharge lien against a property, if you really have no other option.

Exploring A Business Bankruptcy Strategy in Conshohocken or Norristown, PA

Exploring a Business Bankruptcy Strategy
Before you file for business bankruptcy, there are several strategies to consider which will determine the types of forms you will need to complete and which records you require. These include:

• Unemployed debtors with few assets
• Unemployed homeowners
• Upside down mortgage
• Significant Equity
• Employed owners who are facing foreclosure or mortgage delinquency
• Wealthy petitioners who have a large amount of debt
• Out of court settlements
• Liquidation
• Reorganization
• A discharge